U.S. Food Companies Go Deal Hunting as Pandemic Growth Fades
September 11, 2023
U.S. packaged food companies are gearing up for a wave of acquisitions to restructure their brand portfolios as pandemic-driven growth slows and the impact of price hikes levels off. Last month, Campbell Soup acquired Sovos Brands for $2.7 billion, while Unilever purchased premium frozen yogurt brand Yasso and Mars, the maker of Snickers, acquired Kevin’s Natural Foods. Despite higher borrowing costs, the food and beverage industry has seen a 17.5% increase in deal volumes, making it a standout sector in dealmaking this year.
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